[wtf]

Betting on U.S. races declines for third straight year in 2010
By Matt Hegarty
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Chuck Saus/Mountaineer Race Track
Total wagering, purses, and race days all fell significantly in 2010 compared to 2009, according to figures released on Wednesday by the Jockey Club, with betting on U.S. races declining to its lowest level since 1995.

The declines underscored the fragile state of racing as the sport continues to struggle with declines in market share and the aftereffects from both the recession and a spectacular bust in the bloodstock market. Wagering and purses have dropped precipitously for the past three years, despite ever-increasing amounts of subsidies from other types of gambling, while race days have only recently begun to contract significantly due to the pressures facing the sport.

According to the figures, wagering on U.S. races in 2010 was $11,416,570,932, a 7.3 percent decline from the 2009 number. Betting in 2009 was down 9.8 percent from the 2008 figure, which was down 7.3 percent from the 2007 figure.

Wagering on U.S. races reached a highwater mark in 2003 at $15.2 billion, but the gains of the preceding decade have now been almost entirely wiped out. Since 2003, betting is down 25 percent.

Betting on races remains the principal revenue source for purses, but subsidies from other types of gambling have enabled the racing industry to maintain relatively stable levels of purse distribution throughout the past decade. However, the decline in race days and the steep drops in wagering have begun to chip away at that stability.

Total purse distribution in 2010 was $1,027,731,620, a drop of 6.1 percent from the 2009 number, according to the figures. The drop was tied to a 7.75 percent decline in race days in 2010 compared to 2009, from 5,933 to 5,473. Race days will likely continue to fall in 2011 because of recent declines in the foal crop and decisions by tracks to cut live racing programs in an attempt to maximize field size. According to a study conducted by the Thoroughbred Racing Association, subsidies from other types of gambling provided $318 million to purses distributed at U.S. racetracks in 2009, 34 percent of the total that year. The percentage is expected to rise again in 2010 and 2011, especially after a casino opens at Aqueduct racetrack in New York.

Wagering in December fell 9.3 percent compared to the same month in 2009, in part because of the closing of New York City Off-Track Betting Corporation. The bankrupt company shut all of its parlors and account-wagering operation in early December after failing to get relief from the New York state legislature.

Purses in December were down 3.74 percent, while race days were down 5.42 percent, from 332 in December of 2009 to 314 in December of 2010.

[jjgold]

Racing is about 10 years away from being gone in usa

Dying sport

[wtf]

Racing is about 10 years away from being gone in usa

Dying sport

it will NEVER die, been going on since the 1700's

it will change,evolve, consolidate, etc. but will not end

[Nathan Bug Tyler]

i like to bet on los alamitos, and horse racing will be here long after were all gone

[jjgold]

Well it needs a major consolidation then

[MonkeyF0cker]

It's amazing how barren the horse desks in the race and sportsbooks are here compared to when I first moved to Vegas. Absolutely night and day. I think the state of the economy has a lot to do with it.

[floridagolfer]

it will NEVER die, been going on since the 1700's

it will change,evolve, consolidate, etc. but will not end

Something is going to HAVE to change. You can't continue to run 10 races in front of 1,000 people like they do in too many places too often.

[Emily_Haines]

When they take 30% out of the pool it gets to the point where it becomes impossible to beat. Just think what it would be like to play poker with a 30% rake. I would rather stuff my money down a slot machine than try and win at the horses.

[BrentCrude]

Ya,the false economy won't cut it for keeping horse racing afloat in the depression.The government subsidises Indian casinos where their lobyists are a force to be reckon with where the Indians were able to put their casinos in major cities 100 miles from the reservation right near tracks.Then the state legislatures told the tracks that they could add slots at the tracks if they subsidised agriculture by doubling the purses.Ever notice smaller tracks with small handles run 4k claiming races where the purse id 8k?You could almost claim a horse and run it again 5 days later and recover the cost of your initial investment if it wins.There is such an over saturation of too many places to gamble at and not enough people to go around.I was just in teeny population New Mexico and there is a casino or race track every half an hour away.Then the money that is spent at casinos mostly is all government entitlement recipients money that puts the country in further debt.It's a damn false keynesian economy out there and finally there may be casualties like horse racing.

[dlew2k]

Too many gimmicky bets available. The good old days of Win Place or Show betting, $5 exactas and $2 daily doubles ONLY are gone. 10 cent superfecta's , 0.50c Trifecta, $1 exacta box . Eeek. Too tempting to bet these and pay more to make the more simplified bets.

[floridagolfer]

When they take 30% out of the pool it gets to the point where it becomes impossible to beat. Just think what it would be like to play poker with a 30% rake. I would rather stuff my money down a slot machine than try and win at the horses.

You're right. The executives just don't seem to understand how a takeout of 20 or 25 percent hampers business.